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Aurora Appraisal Services Appraisal ReviewsAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers undertaking reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Aurora Appraisal Services, we provide appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's rules.A review appraisal has to verify: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the practices by which the real estate valuation is acquired ensures independence and quality. The review must also indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the range of the appraisal assignment. The Fed states that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to coordinating our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Aurora Appraisal Services, we're skilled in every type of appraisal review, review practice and the responsibilities of review appraisers.
In short, when you choose Aurora Appraisal Services, you can have confidence in our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Aurora Appraisal Services to learn more about our qualifications, expertise and services offered. |
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We are aware of what makes a quality appraisal and what the most common errors are, specifically in our local housing market.
We're also trained enough to acknowledge that the competitors in our market are capable of a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Aurora Appraisal Services to lawfully study appraisal reports performed by others. And those others may be studying our work, too!